Adam Back, co-founder of Blockstream, has criticized Ethereum’s
$3.54B
.
Following the hack, Back took to X on February 22 to describe the technology as “complex, fragile, and blind-signed”.
“Another day, another EVM contract hack”, he wrote in another post, adding that billions have been lost over the years due to these issues.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Crypto Arbitrage? (Risks & Tips Explained With Animation)
Back believes these security failures damage trust in the crypto industry, including Bitcoin
He said in a February 24 post on X, “People are misunderstanding critique of repeated EVM hacks, the latest and the largest Bybit $1.4 billion missing the point: EVM can go to zero, no one cares. The problem is the EVM dumpster fire hurts ecosystem credibility, which unfairly bleeds over to Bitcoin”.
However, not everyone agrees with this view. Some argue that the Bybit hack was not caused by EVM flaws but rather by poor security measures, especially in handling multi-signature wallets. They point out that strong operational security can prevent such breaches, regardless of the underlying technology.
Back countered that Ethereum’s transaction verification process is fundamentally flawed. He explained that hardware wallets are supposed to confirm transaction details on-screen before approval, but EVM’s complexity makes this difficult.
He also noted that in Bybit’s case, addresses did not appear on hardware wallet screens, which made verification nearly impossible.
Meanwhile, Elliptic reported on the process used by the Lazarus Group, the hackers behind the Bybit hack, to cover their tracks. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
